Income Tax amendments related to Business are discussed here. I have covered 8 general points. The points specifically applicable to certain industries are not written here. Point # 1 Payment by an employer of employee contribution to a fund on or before the due date Example – MK Steels Private …Read More »
What will be there in the Union Budget?
A budget is a statement showing the projected income and estimated expenditure for a specified period. The one our Finance Minister is presenting on 1st February is the Budget of the Union Government for the year starting on 1st April 2021 to 31st March 2022. What can we expect from …Read More »
Honoring the Honest by Income Tax Department
Those who have filed their Income Tax Return for AY 2020-21 would have got a mail from the IT Department with the above image mentioning “Honoring the Honest-Use/Share the Proud Filer Badge” Hope you remember, a few months back, the Central Government launched a Scheme called Honoring the Honest. The …Read More »
How to simplify Indian Income Tax Act? Part I
I have just finished one round of tax filing work for the financial year 2014-15. While going through the tax questions from the clients, I realized the complications and confusions created by the age old Income Tax Act. Incidentally, in today’s Economic Times, the new revenue secretary Mr. Hasmukh Adhia …Read More »
Timely redressal of tax payer grievances and public service delivery
CBDT issued press releases on Timely redressal of tax payer grievances and public service delivery. Grievance redressal is a major aspect of citizen centric governance and is an important feature of the activities of the Income Tax Department. The Central Action Plan 2015-16 of the Income Tax Department released during …Read More »
Should I pay Income Tax on profit from sale of motor car?
Generally revenue receipts are taxable under Income Tax Act. However, capital receipts from the transfer of a capital asset are taxable as capital gain tax. Does that mean gains from sale of all assets are taxable? Not really. The Act has clearly defined the meaning of capital asset. Let’s …Read More »
Is rent paid to wife eligible for HRA exemption?
Husband and wife are expected to live in the same house and if one is paying rent to the other; it may sound odd, isn’t it? What would be the reason for such payment? Maybe tax planning, reduce the tax outputs! Will such exemptions, if claimed by the taxpayer, be …Read More »
Cabinet approves amendments to Companies Law and Prevention of Corruption (Amendment) Bill, 2013
Companies (Amendment) Bill, 2014 The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi, today gave its approval for moving of the following Official Amendments in the Companies (Amendment) Bill, 2014 :- i. Doing away with the requirement for filing a declaration by a company before commencement of business …Read More »
7 Tax changes applicable from 1st April 2015
The following are the important changes under Central and State Tax Laws with effect from 1st April 2015 Conveyance Allowance – Transport allowance (popularly known as conveyance allowance) granted to an employee to meet his expenditure for the purpose of commuting between the place of his residence and …Read More »
How does the Government spend tax money?
The Union government gets Rs.17,83,172 Crore to spend! Looks like a lot of money, isn’t it? Even with so much money, why don’t we get electricity 24/7, good roads and public utilities? A natural question that any citizen of this country will have. Agree? Income Tax and Corporate …Read More »